(1) The Treasury may by regulations provide for this Chapter, or any provision of this Chapter, to apply (with or without modifications) in relation to -
(a) registered credit rating agencies, or
(b) registered credit rating agencies of descriptions specified in the regulations.
(2) Regulations under subsection (1) must provide for the FCA to be the appropriate regulator in relation to a registered credit rating agency to which any provision of this Chapter is applied by the regulations.
(3) Regulations under subsection (1) may modify legislation (including any provision of, or made under, this Act).
(4) Before making regulations under subsection (1), the Treasury must consult -
(b) such other persons who appear to the Treasury to be representative of persons likely to be affected by the application of this Chapter to registered credit rating agencies, or registered credit rating agencies of descriptions specified in the regulations.
(5) In this section -
"legislation"
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